Laserfiche WebLink
rentable portion of the improvements taken by eminent domain results in a net loss of fifty <br />percent (50%) or more of the area of the Premises that can, after considering any replacement <br />rentable space that can be lawfully constructed on the remaining portion of the Premises and <br />paid for by the condemnation proceeds, be devoted to rentable space as compared with the <br />area devoted to that rentable space immediately before the taking, District may terminate this <br />lease in the manner prescribed in Section 9.03 of this lease. Moreover, the District may also <br />terminate this lease in the manner prescribed in Section 9.03 if, in the District's reasonable <br />opinion, the number of parking spaces taken by eminent domain deprives the Premises of <br />sufficient parking necessary for the operation of the college upon the Premises. <br />Termination for Partial Taking <br />Section 9.03. District may terminate this lease for the reasons stated in Section 9.02 of <br />this lease, by serving written notice of termination on City within sixty (60) days after District <br />has received from City or from the condemning authority written notice of an intended taking <br />that sets forth the extent and scope of the intended taking. If District elects to terminate this <br />lease, the effective date of the termination shall be the earlier of (1) the date of termination <br />specified in District's notice to City or (2) the date the condemning authority takes physical <br />possession of the portion of the Premises taken by eminent domain. On termination of this <br />lease under this Section, the Premises shall be delivered to City free and clear of all <br />encumbrances. <br />Condemnation Award <br />Section 9.04. Any compensation or damages awarded or payable because of the taking <br />of all or any portion of the Premises by eminent domain shall be allocated between City and <br />District as follows: <br />a) All compensation or damages awarded or payable for the taking by eminent <br />domain or any land that is part of the Premises shall be paid to and be the sole <br />property of City, free and clear of any claim of District or any person claiming <br />rights to the Premises through or under District. <br />b) All compensation or damages awarded or payable because of any <br />improvements, including Significant Improvements constructed or located on the <br />portion of the Premises taken by eminent domain when only a portion of the <br />Premises is taken by eminent domain and District is not entitled to or does not <br />terminate this lease shall be applied in the manner specified in Section 9.02 or <br />Section 9.03 toward the replacement of those improvements, including <br />Significant Improvements, with equivalent new improvements, including <br />Significant Improvements, on the remaining portions of the Premises. <br />c) All compensation or damages awarded or payable because of the improvements <br />constructed or located in the portion of the Premises taken by eminent domain <br />when this lease is terminated because of the taking by eminent domain, whether <br />4911006.2 -- N261.19 <br />17 <br />